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First batch of Sh1.6bn high capacity buses arrives from SA this month

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James Macharia
Transport secretary James Macharia. FILE PHOTO | NMG 

Transport secretary James Macharia has, yet again, changed tune on the planned acquisition of high capacity buses from local assemblers, instead opting to buy 64 units from South Africa.

Mr Macharia last week said the government is planning to source the buses from South Africa after local fabricators of passenger service vehicle bodies failed to meet the required specifications.

The buses are to be deployed on the already-marked Thika Super Highway and other major roads within the capital Nairobi.

“We are only acquiring the first batch from South Africa because the buses that were available did not conform to the KS-372- body building standards, but the rest will be sourced locally,” said Mr Macharia.

The move has upset local manufacturers who claim to have the capacity to supply the high capacity buses.

“We have the capacity to supply BRT (Bus Rapid Transport) vehicles using the new body building standards, we simply don’t understand why the government is going for South Africa,” said Isuzu East Africa CEO Rita Kavashe.

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The first batch of the BRT vehicles, which had already been identified in South Africa, is expected to arrive this month.

The government will launch five BRT corridors in Nairobi in a move aimed at reducing traffic congestion in the capital.

“We are in the process of acquiring the first batch of 64 BRT buses from South Africa. We are yet to establish the total amount of money we will spend on these buses but a BRT bus usually goes for Sh25 million,” said Mr Macharia. That would put the total cost of the 64 units at about Sh1.6 billion.

Priority corridors include Limuru-Kangemi-CBD-Imara Daima –Athi River to Kitengela road.

Other motorways identified are Rongai, Bomas-CBD-Ruiru-Thika- Kenol-Murang’a road and Tala-Njiru-Dandora–CBD-Ngong road.

“The fourth line will run from Mama Lucy Hospital-Donholm to the CBD while final line also referred as ‘Nyati’ will start from Ridgeways on Kiambu road to Balozi and end up in Imara Daima,” said Mr Macharia.

At their optimum capacity, the corridors are expected to hold up to 950 high capacity buses, reducing travel time and cost by up to 70 percent, according to the CS. Last November, the Sh9.6 billion BRT got a major boost after the EU committed a Sh5 billion grant.

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World Bank pushes G-20 to extend debt relief to 2021

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World Bank Group President David Malpass has urged the Group of 20 rich countries to extend the time frame of the Debt Service Suspension Initiative(DSSI) through the end of 2021, calling it one of the key factors in strengthening global recovery.

“I urge you to extend the time frame of the DSSI through the end of 2021 and commit to giving the initiative as broad a scope as possible,” said Malpass.

He made these remarks at last week’s virtual G20 Finance Ministers and Central Bank Governors Meeting.

The World Bank Chief said the COVID-19 pandemic has triggered the deepest global recession in decades and what may turn out to be one of the most unequal in terms of impact.

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People in developing countries are particularly hard hit by capital outflows, declines in remittances, the collapse of informal labor markets, and social safety nets that are much less robust than in the advanced economies.

For the poorest countries, poverty is rising rapidly, median incomes are falling and growth is deeply negative.

Debt burdens, already unsustainable for many countries, are rising to crisis levels.

“The situation in developing countries is increasingly desperate. Time is short. We need to take action quickly on debt suspension, debt reduction, debt resolution mechanisms and debt transparency,” said Malpass.

ALSO READ:Global Economy Plunges into Worst Recession – World Bank

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Kenya’s Central Bank Drafts New Laws to Regulate Non-Bank Digital Loans

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The Central Bank of Kenya (CBK) will regulate interest rates charged on mobile loans by digital lending platforms if amendments on the Central bank of Kenya Act pass to law. The amendments will require digital lenders to seek approval from CBK before launching new products or changing interest rates on loans among other charges, just like commercial banks.

“The principal objective of this bill is to amend the Central bank of Kenya Act to regulate the conduct of providers of digital financial products and services,” reads a notice on the bill. “CBK will have an obligation of ensuring that there is fair and non-discriminatory marketplace access to credit.”

According to Business Daily, the legislation will also enable the Central Bank to monitor non-performing loans, capping the limit at not twice the amount of the defaulted loan while protecting consumers from predatory lending by digital loan platforms.

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Tighter Reins on Platforms for Mobile Loans

The legislation will boost efforts to protect customers, building upon a previous gazette notice that blocked lenders from blacklisting non-performing loans below Ksh 1000. The CBK also withdrew submissions of unregulated mobile loan platforms into Credit Reference Bureau. The withdrawal came after complaints of misuse over data in the Credit Information Sharing (CIS) System available for lenders.

Last year, Kenya had over 49 platforms providing mobile loans, taking advantage of regulation gaps to charge obscene rates as high as 150% a year. While most platforms allow borrowers to prepay within a month, creditors still pay the full amount plus interest.

Amendments in the CBK Act will help shield consumers from high-interest rates as well as offer transparency on terms of digital loans.

SEE ALSO: Central Bank Unveils Measures to Tame Unregulated Digital Lenders

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Scope Markets Kenya customers to have instant access to global financial markets

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NAIROBI, Kenya, Jul 20 – Clients trading through the Scope Markets Kenya trading platform will get instant access to global financial markets and wider investment options. 

This follows the launch of a new Scope Markets app, available on both the Google PlayStore and IOS Apple Store.

The Scope Markets app offers clients over 500 investment opportunities across global financial markets.

The Scope Markets app has a brand new user interface that is very user friendly, following feedback from customers.

The application offers real-time quotes; newsfeeds; research facilities, and a chat feature which enables a customer to make direct contact with the Customer Service Team during trading days (Monday to Friday).

The platform also offers an enhanced client interface including catering for those who trade at night.

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The client will get instant access to several asset classes in the global financial markets including; Single Stocks CFDs (US, UK, EU) such as Facebook, Amazon, Apple, Netflix and Google, BP, Carrefour;  Indices (Nasdaq, FTSE UK), Metals (Gold, Silver); Currencies (60+ Pairs), Commodities (Oil, Natural Gas).

The launch is part of Scope Markets Kenya strategy of enriching the customer experience while offering clients access to global trading opportunities.

Scope Markets Kenya CEO, Kevin Ng’ang’a observed, “the Sope Markets app is very easy to use especially when executing trades. Customers are at the heart of everything we do. We designed the Scope Markets app with the customer experience in mind as we seek to respond to feedback from our customers.”

He added that enhancing the client experience builds upon the robust trading platform, Meta Trader 5, unveiled in 2019, enabling Scope Markets Kenya to broaden the asset classes available on the trading platform.

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